We are pleased to share that earlier this week ASB Bank completed the sale of its custodial and administration service – known as Aegis – to MMC Ltd.
Based in Auckland, MMC has a strong reputation as a funds administrator for over 350 New Zealand investment funds and their managers, overseeing in excess of NZ$60 billion. For further information on MMC please see An Introduction to MMC.
As part of its strategic plan, MMC is diversifying its service offerings into adjacent areas including retail investment custodial and administration services and the acquisition of Aegis is a unique opportunity for the company to expand into this area for retail investors such as clients of Totara Wealth.
MMC is 49.53% owned by Pencarrow, a company with over 25 years’ experience investing on behalf of high net worth individuals, family offices, Iwi, and Crown institutional investors. MMC’s board includes an independent Chair and two directors from Pencarrow, both of whom have extensive experience in assurance and wealth management services in New Zealand.
We are pleased to see this change as it seems a very good fit. Not only is MMC very experienced, the company is clear in its commitment to Aegis to ensure it remains a preferred wrap provider for New Zealand investors and their advisers. We look forward to working with MMC on your behalf in the coming years.
From our clients’ perspectives, it is business as usual at Aegis. There will not be any obvious change in the Aegis portal or its reports, and clients will continue to receive the best service possible from the Aegis team.